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Co-operative bank demands bailout

30 Aug 13 - 5:00PM  | Risk Management
Co-operative bank demands bailoutThe Co-operative bank says that if it wants to escape the £1.5 billion shortfall it is facing then its bondholders must accept its bailout plan.

As part of its Capital Action Plan, the bank will provide £1 billion of the money it owes while it expects its bondholders to provide the extra £500 million.

Chief executive officer of Co-operative group Euan Sutherland explained that there is "no Plan B" for getting the bank out of debt.

He explained: "We are standing firmly behind the bank. Having looked at all the options, the plan we have come up with is the one which is in the best interests of the greatest number of stakeholders."

Earlier this year, the Prudential Regulation Authority (PRA), the watchdog for financial firms, set a minimum amount of capital that banks need to hold if they wish to trade. This was in line with proposals in the EU to reduce the risk of banks needing government bailouts if their investments fell through.

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